LONG
BEACH, CA – March 18, 2002 – Advanced Aerodynamics & Structures, Inc.
(OTCBB: AASI) announced it has acquired the assets of Mooney Aircraft Corporation.
Judge King, presiding over the US Bankruptcy Court in San Antonio, Texas,
signed an order approving the sale at 2:00 PM CST today.

"With
the completion of this transaction, we will be in a position to restore
full Mooney production in a few months," said Roy Norris, Chairman and
Chief Executive Officer of AASI. He added, "This is the key step in the
process of rebuilding the Mooney product line and in building a major new
general aviation company."

AASI
has operated Mooney Aircraft since February 6th under a plan approved by
the US Bankruptcy Court in San Antonio, TX. Dale Ruhmel, Executive Vice
President of Operations and Engineering for AASI, commented, "We are in
a position to quickly ramp up production based on the progress we've made
in the past month.

We've inventoried spares, and are in the process
of calibrating the tooling and reconditioning the machinery. We're in a position
to support heavy production of spare parts." Mr. Ruhmel added, "We have
detailed plans to complete the 21 airplanes which were partially completed
when production ceased. We anticipate completing the first new Mooney in
the third quarter of this year."

Mr.
Jack Jansen, Senior Vice President, Operations, has joined the company
with the responsibility of overseeing production operations in Kerrville.
He brings years of experience to the company, having previously headed
production for both Piper and Mooney. The plan calls for the rehiring of
furloughed workers beginning in late March.

Along
with the purchase of Mooney, AASI announced that it intends to change its
name to the "Mooney Aerospace Group, Ltd." The new Mooney subsidiary is
being named the "Mooney Airplane Company, Inc." and will operate as a wholly
owned subsidiary of The Mooney Aerospace Group, Ltd.

Roy
Norris, Chairman, President & CEO of the Mooney Aerospace Group, said
"I am extremely pleased to announce this important acquisition as the first
step of our strategy to assemble a new and vibrant general aviation manufacturer
composed of the very best aircraft products available today along with
revolutionary newly developed aircraft products using the latest in technology
and cost effective manufacturing techniques." Norris indicated that he
intends for all aircraft manufacturing for the Mooney Aerospace Group to
take place at Mooney's Kerrville, Texas, manufacturing facility.

Norris
further commented, "AASI chose to acquire Mooney in order to maximize shareholder
value, a company with sales of $42 million in 2000. Any aircraft company
operating in today's business environment needs to have a multiple model
product line and be composed of both currently produced top of the line
aircraft models as well as new development products that take advantage
of recent technology advances. In acquiring Mooney, AASI has transformed
itself from a startup development company to a going concern and a leading
supplier of piston engine aircraft with exciting new models under development."

Mooney
produces top of the line, single engine piston airplanes including the
Eagle, the Ovation2, and the Bravo, which are the performance leaders in
the four-passenger single engine aircraft market. For over 50 years, the
company has produced high performance piston aircraft, which are considered
by many to be the "best of breed" in the owner-flown aircraft market. There
are more than 10,000 Mooney aircraft in operation around the world. "We
intend to employ proven manufacturing techniques and production control
methodologies along with improved sales and distribution techniques to
reduce the cost of Mooney aircraft and significantly improve the price
performance ratio of all Mooney models", Norris added.

Norris
also commented on AASI's JETCRUZER™500 program. "Once our new top management
team was in place, I asked Dale Ruhmel, our new Executive Vice President
of Engineering and an industry acknowledged expert on light aircraft design
and certification, to conduct a full technical review of the JETCRUZER
500 program." Based on initial results from the review process, AASI announced
previously that an estimated 18 month period of redesign of the JETCRUZER
500 would be necessary in order to reduce the weight of the aircraft, to
reduce its manufacturing costs, and to make it compatible with the Mooney
line of aircraft.

Norris
reported today, "We are continuing our technical review of the JETCRUZER
500 for compliance with FAA certification requirements in such areas as
external noise level, weight and balance, and spin resistant certification."

Norris
also reported that the company has entered into discussions with Century
Aerospace Corporation concerning acquisition of the rights to manufacture
the Century Jet, one of the exciting new entrants in the "micro-jet" market.
Norris said, "Bill Northrup has developed a revolutionary new business
jet design with the Century Jet that could be priced more than one million
dollars below the current least expensive business jet. It could set a
new benchmark for low cost business travel by private aircraft and provide
a cost effective alternative to airline travel for small- and medium-sized
businesses."